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Money Matters: Ready for Medicare Open Enrollment

Posted:
10/10/2012 03:43:36 PM MDT

For senior citizens, the most important decision you will make this fall comes in the form of choosing the most appropriate Medicare coverage options for next year.

Medicare's 2013 open enrollment period runs from October 15 to December 7, 2012. For most current enrollees, that's the only time to make coverage changes for the coming calendar year (exceptions are made if you later move outside your plan's service area, qualify for financial assistance or a few other situations).

Find doctors and other health professionals, nursing homes, hospitals, home health services and health/drug plans, and make side-by-side comparisons of costs and care provided.

It can be accessed on mobile devices like tablets and smartphones, so you can seek information anywhere, anytime.

Briefly, Medicare provides health care benefits to people age 65 and older and those under 65 with certain disabilities or end-stage renal disease. For most people, the initial enrollment period is the seven-month period that begins three months before the month they turn 65. If you miss that window, you may enroll for the first time between January 1 and March 31 each year, although your coverage won't begin until July 1. To apply for Medicare online, visit www.ssa.gov/medicareonly.

Part B - helps cover doctor's services, outpatient care and some preventive services. It's optional and has a monthly premium.
Part C (Medicare Advantage) - offers plans run by Medicare-approved private insurers as alternatives to Original Medicare. Most cover prescription drugs and some include extra benefits at additional cost. You're usually required to use the plan's provider network.

Part D - helps cover the cost of prescription drugs. It's optional and carries a monthly premium. These privately run plans vary widely in terms of cost, copayments and deductibles and medications covered.

Some people also purchase additional Medigap (Medicare Supplemental) insurance offered by private insurers. It follows strict government coverage guidelines and helps pay for many items not covered by Medicare, including deductibles, copayments and coinsurance.

Understanding and choosing the right Medicare options can be complicated and time-consuming. For assistance, call 1-800-633-4227 or read "Medicare & You"; a highly detailed guide that explains Medicare in easy-to-understand language – it's found at www.medicare.gov.